According to a new market report published by Transparency Market Research "Pain Management Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023", the global pain management devices market was valued at US$3.2 bn in 2014 and is projected to expand at a CAGR of 7.6% from 2015 to 2023 to reach US$6.3 bn in 2023.

Pain management devices are medical products used to manage pain in patients suffering from both chronic pain and acute pain. These devices are available in both implantable and non-implantable forms. These devices have proven to be beneficial for long-term pain alleviation and preferred for chronic conditions such as cancer, neuropathic and arthritis pain. Breakthrough technologies such as implantable intrathecal drug administration and drug pumps have provided hope to patients suffering from chronic pain. Similarly, continuous research and development has helped scientists understand the various mechanisms of pain and devise methods of prevention.

Major factors likely to boost the growth of the market are rising prevalence of chronic medical conditions, commercialization of technologically advanced therapeutic products, changing patient pool demographics and increasing geriatric population, and encouraging reimbursement policies. However, risks associated with neurostimulation implant procedures as well as low endorsement from regulatory bodies and presence of alternative pharmacotherapy regimen would hamper the growth of the pain management devices market during the forecast period.

Key companies studied and profiled in this report include Baxter International Inc., Bio-Medical Research (BMR) Ltd., Boston Scientific Corporation, Codman & Shurtleff, Inc., DJO Global, Inc., Halyard Health, Hospira, Inc., Medtronic plc, St. Jude Medical, Smiths Medical, and Stryker Corporation. Collaborative agreements, product launches, and acquisitions are analyzed to be a significant part of business stratagems that are usually being adopted by global players to strengthen and secure their position in the market.

The global pain management devices market has been segmented as follows:

Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.